Tuesday, December 30, 2014

Tax Time is Approaching


WHO COULDN'T USE EXTRA CASH ...EITC means a big refund!
Make sure you see if you qualify for Earned Income Tax Credit.

Free tax preparation and efile for income earners making less than $52,000.00. 

Contact me (Tanya Washington) for more details at 410-415-3143.


2015 is just a few days away so gather your receipts, social security cards and daycare information.  If you are self employed, make sure you have all income information from your employers.

Also here are ideas for deductions

1.      Qualified charities. You can only deduct gifts you give to qualified charities. Use the IRS Select Check tool to see if the group you give to is qualified. Remember that you can deduct donations you give to churches, synagogues, temples, mosques and government agencies. This is true even if Select Check does not list them in its database.

2.      Monetary donations.  Gifts of money include those made in cash or by check, electronic funds transfer, credit card and payroll deduction. You must have a bank record or a written statement from the charity to deduct any gift of money on your tax return. This is true regardless of the amount of the gift. The statement must show the name of the charity and the date and amount of the contribution. Bank records include canceled checks, or bank, credit union and credit card statements. If you give by payroll deductions, you should retain a pay stub, a Form W-2 wage statement or other document from your employer. It must show the total amount withheld for charity, along with the pledge card showing the name of the charity.

3.      Household goods.  Household items include furniture, furnishings, electronics, appliances and linens. If you donate clothing and household items to charity they generally must be in at least good used condition to claim a tax deduction. If you claim a deduction of over $500 for an item it doesn’t have to meet this standard if you include a qualified appraisal of
the item with your tax return.

4.      Records required.  You must get an acknowledgment from a charity for each deductible donation (either money or property) of $250 or more. Additional rules apply to the statement for gifts of that amount. This statement is in addition to the records
required for deducting cash gifts. However, one statement with all of the required information may meet both requirements.

5.      Year-end gifts.  You can deduct contributions in the year you make them. If you charge your gift to a credit card before the end of the year it will count for 2014. This is true even if you don’t pay the credit card bill until 2015. Also, a check will count for 2014 as long as you mail it in 2014.

6.      Special rules.  Special rules apply if you give a car, boat or airplane to charity. For more information visit IRS.gov.

 P.S. Get a record of your past tax returns, also referred to as transcripts. IRS transcripts are often used to validate income and tax filing status for mortgage applications, student and small business loan applications, and during tax preparation.
You can download and print your transcript immediately or request the transcript be mailed to your address on record.

Friday, November 7, 2014

ANNOUNCEMENT: Tanya Washington is the new WBC Community Development Corporation Executive Director

November 6, 2014


Announcement: Tanya Washington, Executive Director


Dear Colleagues and Partners:

Effective November 3, 2014 Ms. Tanya Washington is the new Executive Director of the WBC Community Development Corporation.  Ms. Washington comes to us with 18 years in the housing industry under the guidance of Michael Braswell and Wardell Porter.  Through her career within the nonprofit housing industry, she has built lasting relationships with Local and State representatives as well as private sector partners. In her positions, she has developed proven leadership skills, creativity in program development, community organizing, relationship building and a strategic thinker.  Moreover, Ms. Washington has experience in nonprofit organizational management, resource development as well as grant writing and contract administration.    

We the Board of Directors are very pleased with her agreement to become a part of the WBC Community Development Corporation, and we look forward to her long and prosperous relationship with us.  She may be reached at 410 578-9142 (office) or 443-452-9681 (cell); or e-mail: aynat@msn.com.

Best,

Laurence F. Campbell

President